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Insurance Bureau of Canada
Fort McMurray wildfire tops annual meteorologist list of weather stories
January 3, 2017 The Canadian PressTORONTO – The “beast” of a wildfire that charred Fort McMurray, Alta., was named Canada’s biggest weather story of the year in an annual list compiled by the country’s top meteorologists. The list, which also includes the melting Arctic Sea…
Flood insurance ‘must be affordable:’ IBAC
December 16, 2016 by Canadian UnderwriterResidential flood insurance should be available and affordable and the government should provide a backstop without being an “insurer of first resort,” the Insurance Brokers Association of Canada said in a document released this week. Personal flood insurance “must be…
Ontario court upholds 20-year driving ban for repeat impaired driver
December 6, 2016 by Canadian UnderwriterA 20-year driving ban, on an Ontario man with more than 10 drunk driving convictions, was recently upheld by the province’s Summary Conviction Appeal Court. In February, 2009, Victor Freeborn-Mejia was sentenced to six months in jail plus a 20-year…
IBC’s top 10 stolen vehicles list for 2016 shows 6% increase in auto theft over 2015
December 6, 2016 by Canadian UnderwriterThe road to improving auto theft numbers has taken a negative turn for the second year in a row, increasing 6% nationally in 2016 over 2015, Insurance Bureau of Canada (IBC) reports in its newly released Top 10 Most Frequently…
Preparing Canada for inevitable earthquake recognized as a national social and economic threat: IBC’s Forgeron
November 22, 2016 by Canadian UnderwriterPreparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to…
Thanksgiving floods in Atlantic Canada caused more than $100 million in insured damage: CatIQ
November 18, 2016 by Canadian UnderwriterA tropical moisture system resulting from Hurricane Matthew that swept through Atlantic Canada last month has resulted in over $100 million in insured damage, according to Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ). A cold front interacting with Matthew’s tropical…
PCS estimates $3.98 billion in insured damage from Fort McMurray wildfire in final re-survey
November 17, 2016 by Canadian UnderwriterProperty Claim Services (PCS) has updated its insured damage estimate for the Fort McMurray wildfire to $3.98 billion, down from its August estimate of $4.67 billion. Of the $3.98 billion estimate, the majority is in personal lines ($2.9 billion), with…
$5.3 billion to be re-invested in Alberta economy over three years to rebuild Fort McMurray: Conference Board of Canada report
November 15, 2016 by Canadian UnderwriterAbout $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural…
IBC applauds Ontario government’s decision to move forward with creation of new financial services regulator
November 15, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is applauding the Ontario government’s decision to move forward with the creation of a new financial services regulator. On Monday, the government of Ontario announced in its 2016 Ontario Economic Outlook and Fiscal Review…
Impact of June Ontario auto changes ‘will be something to see going forward:’ A.M. Best
November 13, 2016 Greg Meckbach, Associate EditorIt is too early to gauge the exact financial impact, on insurers, of Ontario auto changes that took effect this past June, and in the meantime, the mandated 15% rate reduction announced three years ago is still affecting loss ratios,…
Canadian insurers covering Fort McMurray property ‘learned a lot’ from 2011 Slave Lake wildfire: A.M. Best’s Silverthorn
November 10, 2016 Greg Meckbach, Associate EditorThe insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers…
IBC commends federal government’s focus on infrastructure and flood mitigation in 2016 fall economic statement
November 2, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is applauding the Government of Canada’s focus on infrastructure investments and flood mitigation in its recently released Fall Economic Statement 2016. In the statement, released on Tuesday, the federal government proposed $21.9 billion over…